(NAPSA)—While no onereally likes to talk about the scenarios in which life insurance becomes necessary, hav- ing these conversations and taking the required steps to insure your legacy is the best way to protect loved ones’ financial futures—andis especially important as you nearretirement. ‘According to a 2018 study by Life Insurance and Market Research Association (LIMRA), only threein five adults Oneofthe best waysto protect your havelife insurance, either a personal policy or through work, and more than family’sfuture is to invest ina feel the financial impact within one ‘As homeowners, people buy insurance a third (35 percent) ofhouseholds would month if the primary wage earnerdied. Tohelp, Bankers Life President Scott Goldberg offers his insights on the importanceoflife insurance and how to easily find a plan that works for you and yourfamily. One way to provide peace of mind as youplan forretirementis to consider life insurance as a part of your financial strategy. The process can be as easy as assessing your current financial situation, evaluating your family’s potential needs in the future and then reaching out to an insuranceagentto learn more. WhatYou Should Know AboutLife Insurance Here are Goldberg's recommenda- tionsfor foursteps to take when consid- surance p\ to protectagainst a calamity. As drivers, people buyinsurance to protect against a collision. Why shouldlife insurance be anydifferent? Evaluate yourfinances and make a commitmentthat you can sustain. 3. Familiarize yourself with the product types and benefits. There are two main typesoflife insurance: term life and permanentlife. Term life insuranceis akin to renting insurance.It pro- vides coverage throughout a specified periodoftime, such as 10 or 20 years. Permanentlife insurance, such as whole life or universal life, is designed to pro- vide protection for the entirety of one’s life with plan typesdiffering by what they guarantee, their degree of pre- mium flexibility, and the way in which cash value accumulateswithin policy. 4. Seek professional guidance. would happenifyou were nolonger here Insuranceoptionsare available for peotomorrow? Wouldthose who depend on ple at nearly every income andasset youbeable to sustain their lifestyle? If level, age andrisk tolerance. An insuryou have young children, could they anceprofessional can help you evaluate afford to go to college? If you are in or youroptions and recommenda policy eringpurchasing life insurance: 1. Confirm yourneed.Start by asking yourself a few basic questions. What nearretirement, does your spouse have sufficient retirement income?If a trag- edyoccurred, how would your survivors pay for yourfuneral andfinalexpenses? Most Americansare underinsured and too many do not have the courage to confront the financialrealities thatlife insurancecanhelp resolve. 2. Determine what you can afford. Once you come to grips with your needs, be honest with how much you cansetasideforthis type of protection. based on your unique circumstances. Generally, insurance agents are compensated by insurancecarriers so there is no direct out-of-pocket cost to consumers to obtain assistance in deter- mining ones insurance needs and in making a purchase. Learn More For further information about the benefits of life insurance and to find a nearby insurance agent, visit www. BankersLife.com. Editor's Note: While Life Insurance Awareness Month takes place every September, this article can be helpful to your readers at any time,
